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1115 Taylor NW


GRDadof3

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What's up with this old warehouse? It's at the corner of Plainfield and Taylor, just South of Leonard. It had a spray-painted FOR SALE sign on it last fall, and now it's got a GC sign and a broker sign on it. Anyone know?

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Anyone want to volunteer to give them a jingle?

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They're doing demo inside. From what I know, the owner (or previous owner) used to rent out space in that building to local bands. They'd go in there an practice/party and make a huge mess. Down-on-their-luck folk have also been know to seek shelter in that building. A developer has talked to us about possible re-use options and I walked around and through a portion of it a couple weeks ago.

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Looks like it could make for a very nice building for lofts or even offices.

Problem is with residential is that it sits right next to a massive Autodie plant and a bunch of other industrial uses on a busy road, and is sort of removed from a neighborhood center. Creston neighborhood is over a mile up the road.

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I guess thats probably the reason that it hasen't already been developed. It could still be turned into something nice, an office/warehouse setup for a high-tech and/or biotech company. Neogen, a Lansing Biotech company has restored a couple of abandoned buildings like this in Lansing to look very nice.

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  • 2 weeks later...

There was an article in the business section on Monday's GR Press about this project.

If this goes through, it would be a nice start to spurcing up that area. If successful maybe more businesses in the area will follow suit.

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  • 4 months later...
  • 10 months later...

Wow, I really had to dig to find this thread. 11 months is a long time on this forum.

I drive past this building everyday on my way to work. They did some work last fall and then stopped. They built one large parking lot and seemed to put the curbs in for one more small parking lot but never paved it. Well a few weeks ago I saw the old windows on the east side had been removed and last night two men were putting up a sign that said "This project financed by the Bank of Holland" So maybe that means there is now financing for the project and we'll see some real work done to this building.

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Wow, I really had to dig to find this thread. 11 months is a long time on this forum.

I drive past this building everyday on my way to work. They did some work last fall and then stopped. They built one large parking lot and seemed to put the curbs in for one more small parking lot but never paved it. Well a few weeks ago I saw the old windows on the east side had been removed and last night two men were putting up a sign that said "This project financed by the Bank of Holland" So maybe that means there is now financing for the project and we'll see some real work done to this building.

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Wow, I really had to dig to find this thread. 11 months is a long time on this forum.

I drive past this building everyday on my way to work. They did some work last fall and then stopped. They built one large parking lot and seemed to put the curbs in for one more small parking lot but never paved it. Well a few weeks ago I saw the old windows on the east side had been removed and last night two men were putting up a sign that said "This project financed by the Bank of Holland" So maybe that means there is now financing for the project and we'll see some real work done to this building.

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So you want a status update? Here it is...we stopped the site work last fall because of the weather (could not finish the asphalt up front). Then we had no tenants so we decided to hold off this spring. then we refinanced (hence the Bank of Holland sign) and we had to hold up for that process...(I love development).

Now we are finishing up the bidding process and we are going to continue the construction activity. We are on a dead sprint once we start as we have a few (unnnamed) tenants who want to get in. We are also debating office versus residential for the top two floors.

In fact, if anyone wants to weigh in on this feel free. The debate centers on if we can get $145-$175k for nice residential (850-1100 sqft) of if we should just go for loft office space for lease. We are currently split on the issue and any UPer input would be much appreciated.

DJL

PS. Grdad, this is what I was talking about in my note so I hope it is legal!

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So you want a status update? Here it is...we stopped the site work last fall because of the weather (could not finish the asphalt up front). Then we had no tenants so we decided to hold off this spring. then we refinanced (hence the Bank of Holland sign) and we had to hold up for that process...(I love development).

Now we are finishing up the bidding process and we are going to continue the construction activity. We are on a dead sprint once we start as we have a few (unnnamed) tenants who want to get in. We are also debating office versus residential for the top two floors.

In fact, if anyone wants to weigh in on this feel free. The debate centers on if we can get $145-$175k for nice residential (850-1100 sqft) of if we should just go for loft office space for lease. We are currently split on the issue and any UPer input would be much appreciated.

DJL

PS. Grdad, this is what I was talking about in my note so I hope it is legal!

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Thanks for the update, I think the building could look great if it gets all cleaned up. Is there a reason you are considering condos for the building but not apartments? I think apartments would be nice since the other residential in the North Monroe area is all condo now.

I would be interested in attending a UP tour of the building if it fit into my schedule.

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Would you be able to rent the properties while still marketing them to sell?

Some of my colleagues in NYC do this all of time, which helps to cover "the bills" while giving the facility more life at the beginning (meaning that seeing people come in and out of the building while marketing it to a potential buyer shows better).

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Agreed. However, there is a pricing problem right now as we've seen it. If we sell a 850 sqft 2br 2ba unit for say $145k we get $145k (less expenses). But say we rent it for 1000-1100 per month (might be a bit high). We get $12,000-13,000 per year before operating expenses and reserves. Take those out and we are down to say $750 per month or $9000 per year. that is just over a 6% return (not too good) for us. This does not take into account vacancy, credit loss, etc.

I am willing to admit that I am not a brilliant residential developer but it seems to explain why things are happening the way they are in GR right now (meaning mostly condo's).

As for the tour, we'll try to get something set up.

DJL

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